A Business at a Glance
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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Business Environment During 2025, the global economy grew, including in the U.S., as economic activity remained resilient despite being impacted by continued inflationary pressures and ongoing geopolitical concerns, as well as uncertainty resulting from changes in international trade policies (including tariffs). These concerns and uncertainties contributed to periods of market volatility and the prospect of an economic recession in the U.S. during the year. Additionally, markets were focused on the timing and amount of policy interest rate cuts by central banks globally, including three rate cuts by the Federal Reserve in the second half of the year. Global equity prices were generally higher compared with the end of 2024, with some equity indices reaching record highs.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 58.3B | 58.3B | 53.5B | 46.3B | 47.4B | 59.3B |
| Net Income | 16.3B | 16.3B | 13.5B | 7.9B | 10.8B | 21.2B |
| EPS | $51.32 | $51.32 | $40.54 | $22.87 | $30.06 | $59.45 |
| Free Cash Flow | -47.2B | -47.2B | -15.3B | -14.9B | 5.0B | 1.6B |
| ROIC | 5.4% | 4.2% | 3.7% | 2.2% | 9.1% | 19.8% |
| Gross Margin | 67.6% | 67.6% | 68.8% | 66.5% | - | - |
| Debt/Equity | 2.85 | 2.85 | 2.56 | 2.72 | 0.90 | 0.84 |
| Dividends/Share | $16.61 | $14.00 | $11.50 | $10.50 | $9.00 | $6.50 |
| Operating Income | 21.9B | 21.9B | 18.4B | 10.7B | 13.5B | 27.0B |
| Operating Margin | 37.5% | 37.5% | 34.4% | 23.2% | 28.5% | 45.6% |
| ROE | 13.0% | 13.2% | 11.1% | 6.8% | 9.5% | 20.5% |
| Shares Outstanding | 318M | 318M | 334M | 346M | 358M | 356M |
GOLDMAN SACHS GROUP INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
GOLDMAN SACHS GROUP INC trades at 0.6x trailing earnings, compared to its 15-year median P/E of 1.0x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 7.8% with a gross margin of 67.6%. Total shareholder yield (dividends + buybacks) is 185.1%. At current prices, the estimated annualized return to fair value is +15.0%.
GOLDMAN SACHS GROUP INC (GSCE) has a current P/E ratio of 0.6, compared to its historical median P/E of 1.0. The stock is currently considered Fair based on its historical valuation range.
GOLDMAN SACHS GROUP INC (GSCE) has a 5-year average return on invested capital (ROIC) of 7.8%. This is below average and may indicate limited pricing power.
GOLDMAN SACHS GROUP INC (GSCE) has a market capitalization of $9.5B. It is classified as a mid-cap stock.
Yes, GOLDMAN SACHS GROUP INC (GSCE) pays a dividend with a trailing twelve-month yield of 55.38%. The company also returns capital through share buybacks, with a buyback yield of 129.72%.
Based on historical P/E analysis, GOLDMAN SACHS GROUP INC (GSCE) appears fair. The current P/E of 0.6 is 42% below its historical median of 1.0. The estimated fair value CAGR (P/E method) is 8.4%.
GOLDMAN SACHS GROUP INC (GSCE) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
GOLDMAN SACHS GROUP INC (GSCE) reported annual revenue of $58.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
GOLDMAN SACHS GROUP INC (GSCE) has a net profit margin of 28.0%. This is a strong margin indicating high profitability.
GOLDMAN SACHS GROUP INC (GSCE) generated $-47.2 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
GOLDMAN SACHS GROUP INC (GSCE) has a debt-to-equity ratio of 2.85. This indicates higher leverage, which may increase financial risk.
GOLDMAN SACHS GROUP INC (GSCE) reported earnings per share (EPS) of $51.32 in its most recent fiscal year.
GOLDMAN SACHS GROUP INC (GSCE) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
GOLDMAN SACHS GROUP INC (GSCE) has a 5-year average gross margin of 67.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for GOLDMAN SACHS GROUP INC (GSCE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GOLDMAN SACHS GROUP INC (GSCE) has a book value per share of $393.47, based on its most recent annual SEC filing.